S&P ups Techem outlook to positive

S&P said it revised its outlook to positive from stable on Techem Energy Metering Service GmbH & Co. KG (Techem) and its subsidiary Techem GmbH.

At the same time, S&P affirmed the BB-/B long- and short-term corporate credit ratings on both entities.

S&P also affirmed its BB- issue rating on the €150 million revolving credit facility and the €1.6 billion term loan B. The recovery rating is 3, indicating an expectation of meaningful recovery prospects (50%-70%; rounded estimate: 50%) in the event of a payment default.

“The outlook revision reflects Techem's continued solid operating performance with the group's EBITDA margin reaching close to 40% in 2017. It further comprises our expectation that the positive trend in operating performance will be maintained owing to continued organic growth and benefits realized from past process optimization and efficiency improvement initiatives,” S&P said in a news release.

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